企業概要
Biogen Inc. is a global biotechnology organization that discovers, develops, manufactures, and delivers advanced therapies across the United States, Europe, Germany, Asia, and other international markets. The company operates within the Healthcare sector, specifically classified under the Drug Manufacturers - General industry, which focuses on the research and commercialization of pharmaceutical products without relying on external licensing for primary revenue generation. At a significant scale, the organization employs approximately 7,500 individuals and maintains a market capitalization of $25.99 billion alongside annual revenues reaching $9.89 billion. These valuation and revenue figures indicate that the company holds a substantial position within the pharmaceutical landscape, reflecting its established footprint and the high-value nature of its therapeutic portfolio for conditions such as multiple sclerosis and spinal muscular atrophy.
財務健全性
The company reported revenue of $9.89 billion and net income of $1.29 billion for the trailing twelve months, while generating EBITDA of $3.60 billion, revealing a substantial gap between operating earnings and net profit that highlights significant non-operating expenses or tax implications affecting the bottom line. The entity produced free cash flow of $1.98 billion, which provides a robust foundation for financial flexibility, enabling potential capital expenditures, strategic acquisitions, or debt reduction without immediate reliance on external financing. Profitability metrics demonstrate a gross margin of 78.9%, indicating high pricing power and efficient production costs typical of biopharmaceuticals, while the operating margin of 19.6% and profit margin of 13.1% suggest that general and administrative expenses, as well as research and development costs, consume a notable portion of revenue before reaching the net income stage. The balance sheet shows total cash reserves of $3.82 billion against total debt of $6.66 billion, resulting in a debt-to-equity ratio of 36.47%, which suggests a leveraged capital structure where interest obligations are supported by equity rather than solely by cash on hand. Short-term liquidity is supported by a current ratio of 2.68, indicating that the company holds sufficient current assets to cover its short-term liabilities with a comfortable buffer of over 2.5 times. Return metrics further assess management effectiveness, with a return on equity of 7.4% and a return on assets of 6.1%, reflecting moderate efficiency in generating profits relative to shareholders' investment and total asset base respectively.
バリュエーション評価
Valuation multiples show a trailing P/E ratio of 20.17 and a forward P/E of 11.03, implying that the market expects earnings to grow significantly in the future to justify the current high multiple relative to expected future profitability. The price-to-book ratio stands at 1.42, suggesting that the stock trades at a 42% premium over its book value, which may reflect intangible assets like intellectual property or market expectations of future growth that are not captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 2.63 and an EV/EBITDA of 8.00, which provide context by valuing the company based on revenue generation and earnings before interest, taxes, depreciation, and amortization, offering a broader perspective than the P/E ratio alone. Price action over the last year has oscillated between a high of $202.41 and a low of $110.04, with the current market price situated at a level that requires calculation against these extremes to determine its precise percentile within this 52-week trading range. The beta coefficient is 0.16, indicating that the stock exhibits very low volatility relative to the broader market, moving less than one-fifth as much as the market index during periods of fluctuation.
Growth & Income
Revenue growth for the trailing twelve months declined by -7.1%, while earnings growth data is not available (N/A), meaning a direct comparison of growth rates is not possible, though the revenue contraction signals a specific headwind in the company's top-line performance. As a non-dividend payer, the company maintains a dividend yield of 0.0% and a payout ratio of 0.0%, indicating that it does not distribute cash to shareholders but instead retains earnings to fund operations, research, and development activities. This reinvestment strategy prioritizes long-term therapeutic innovation and market expansion over immediate income distribution to investors. Consequently, the overall growth and income profile is characterized by a revenue contraction in the most recent period, coupled with an absence of dividend income, forcing reliance on capital appreciation potential rather than yield or consistent earnings expansion.